Midsession Review Projects Unemployment Rate to Average 7.5% This Year

WASHINGTON—The White House on Monday lowered its projection for economic growth this year while issuing rosier estimates on unemployment and the federal budget deficit.

In its annual "mid-session review" budget update, the White House said it expects the economy to grow 2.4% this year, lower than the 2.6% it projected in April. The White House blamed the slower projection in part on the across-the-board federal spending cuts...